Record Masters
Investment Date
February 1995
Situation Type
Owner-Operator Recapitalization
Keystone purchased four discrete small businesses in the health records management industry to form the platform for an industry consolidation.
Headquarters
Northbrook, IL
Other Facilities
13 locations throughout the U.S.
Products/Services
Outsourced the day-to-day medical records management function of a hospital, including records storage, purging, indexing, copying, and in certain cases codings.
Customer Base
Over 450 hospitals throughout the U.S.
Interesting Fact
Managed over 135 million medical records
Delivered 15,000 medical records daily
Acquisitions During Ownership
Record Masters (1995): Original platform investment 4 locations (Philadelphia, Detroit, New Orleans and Pittsburgh)
Los Angeles and San Diego locations (1995)
Houston, Cleveland, Baltimore, St. Louis locations; constructed new facility in Milwaukee (1996)
Portland location (1997)
Exit
Record Masters was merged into Iron Mountain, Inc. (NYSE:IRM) in 1997
“KEYSTONE HAS A UNIQUE APPROACH TO THE INVESTMENT BUSINESS OF USING ITS OWN CAPITAL, TAKING A LONG TERM VIEW OF BUILDING THE BUSINESS AND SUPPORTING THE OPERATIONS, EVEN WHEN THE RETURN ON ITS INVESTMENT COULD BE ADVERSELY IMPACTED.”
- LARRY RICHMAN, CEO, THE PRIVATE BANK
